Sham Foam Limited’s IPO concluded on Day 3, August 13, 2026, with a final overall subscription of 2.3x. The issue saw a dramatic late-day rally, with the total subscription jumping 28.5% from 1.79x at market open to 2.30x by close. Retail investors were the primary drivers of this momentum, surging 29.0% in the final hours to reach 2.36x, while Qualified Institutional Buyers (QIB) remained absent throughout the subscription period.

Final Subscription Status

The issue, priced at ₹130 per share, received strong retail interest that accelerated sharply after 9:45 AM on the final day. The following table details the progression:

Intra-day timeline on 13-08-2026

Retail investors picked up pace significantly in the last hour, adding 0.53x to their subscription count. This move pushed the overall issue past the 2x threshold, marking it as oversubscribed despite zero participation from institutional buyers.

Category-wise Breakdown

The bHNI segment within NII remained inactive at 0.00x, while sHNI contributed 0.47x. The entire weight of the oversubscription came from the retail bucket, which more than doubled its initial morning figure.

About the Company

Sham Foam Limited, incorporated in 2020 and headquartered in Ambala City, Haryana, manufactures and distributes polyurethane (PU) foam, mattresses, and allied home comfort products for Indian consumers. The company also produces industrial-grade PU foam. It operates a vertically integrated manufacturing facility in Haryana with an installed capacity of 15,000 TPA and serves customers across 13 states through a pan-India dealer network of over 1,300 dealers. The company is led by MD Mr. Rajinder Kumar Jindal, CEO Mr. Sanjeev Kumar Jindal, COO Ms. Monica Jindal, and CFO Mr. Abhinav Jindal.

Financial Highlights

Revenue from operations grew from ₹73.73 crore in FY2024 to ₹92.32 crore in FY2026, while PAT jumped sharply to ₹8.65 crore in FY2026 from ₹3.58 crore in FY2025, reflecting improved profitability in the latest fiscal year.

Objects of the Issue

• Capital expenditure (₹14.72 crore): Finance civil construction and purchase of machinery and equipment at the existing manufacturing facility to enhance capacity and operational efficiency.
• Working capital (₹14.25 crore): Part-finance incremental working capital requirements including trade receivables, inventories, and trade payables to support higher order volumes.
• General corporate purposes (₹6.04 crore): Strategic initiatives including brand building, infrastructure strengthening, loan repayment, and other corporate purposes.

Risk Factors

• Outstanding litigation: The company, promoters, and directors face legal proceedings with total amount involved of ₹536.42 lakhs, which could adversely impact reputation and financials.
• Customer concentration: Top 10 customers contributed 25.06% of revenue in FY2026, with no long-term agreements in place, exposing the company to order cancellation risk.
• Raw material volatility: Raw material costs were 78.75% of revenue from operations in FY2026, and the top 10 suppliers account for 78.56% of total purchases with no long-term supply agreements.

What's Next

With the IPO now closed, investors who applied in the retail category can track allotment status once the basis of allotment is finalised. Allotment and listing dates are yet to be officially announced. The company's website is www.shamfoam.com .

Sham Foam’s initial public offering is currently in its second day of subscription. As per the latest data, the issue has been subscribed to 0.15x overall. While the Retail category shows a modest interest with 0.17x subscription, the Qualified Institutional Buyers (QIB), Non-Institutional Buyers (NII), and Employee categories remain unsubscribed at 0x.

Subscription Status

The following table details the subscription status for Sham Foam IPO on Day 2:

About the Company

Sham Foam is the company behind this public issue. The IPO aims to raise capital within the specified issue size range. Investors are advised to review the DRHP for detailed business operations and risk factors associated with the company.

Key Dates & Offer Details

Investors looking to participate in the Sham Foam IPO should note the following key parameters:

• Floor Price: ₹130.00000
• Ceiling Price: ₹130.00000
• Min IPO Size: ₹260000
• Max IPO Size: ₹500000
• Min Bid Qty: 2000

The subscription window remains open for further applications until the close date. Investors can track real-time updates as the subscription progresses through the remaining days of the issue.